Lake Victoria Gold Closes C$3.83M Debenture Raise as Imwelo Drilling Advances
Lake Victoria Gold raised C$3.83M through the second tranche of unsecured convertible debentures, planning to upsize funding to C$5M alongside a potential US$25M gold loan facility. Sterilization drilling at the fully permitted Imwelo Gold Project is 39% complete, supporting final infrastructure placement ahead of 2026 construction.
1. Financing Completes Second Tranche
Lake Victoria Gold has closed the second tranche of its non-brokered private placement of unsecured convertible debentures, raising C$3.83 million to date. The company intends to upsize the financing to C$5 million, subject to exchange approval, and is advancing a separate US$25 million gold loan facility to fund the Imwelo Gold Project.
2. Sterilization Drilling Underway
Sterilization drilling at Imwelo began on May 12, with 8 of 21 planned boreholes completed, representing 411 metres of the 1,050-metre program (39%). This work confirms infrastructure placement areas are free of mineralization, enabling final site layout and detailed engineering.
3. Imwelo Project Readiness
The Imwelo Gold Project is fully permitted for construction and production following a JORC-compliant 2021 pre-feasibility study. Metallurgical testing has demonstrated gold recoveries of up to 97%, de-risking processing assumptions, with construction targeted for late 2026 and first gold in 2027.
4. Funding Strategy and Long-Term Value
The combination of convertible debentures and a non-dilutive gold loan facility aligns funding with future production while minimizing equity dilution. Beyond Imwelo, Lake Victoria Gold’s Tembo Project—adjacent to Barrick’s Bulyanhulu mine—remains a longer-term value driver for the company.